Home owners raiding their super

DESPERATE property owners on the brink of losing their homes are raiding their superannuation in growing numbers, accessing a record $100 million in emergency funds in the past 12 months to keep the banks at bay.

More than 6500 home owners received emergency access to their superannuation last financial year, leading to warnings from welfare and housing groups that a growing number of people face financial stress. The 12 per cent surge in those getting access to the funds has come despite steep cuts in the interest rate.

Federal government figures show the average payment was more than $15,000, which would drain the average retirement savings account by a fifth for men and nearly 40 per cent for women.

It also marks the second straight year that the number of people gaining access to their nest egg has increased.
Advertisement

The claims for 2011-12 totalled $99.38 million, a 25 per cent increase on the previous year and well above the value of payments made after the global financial crisis. Also, the average individual payment has more than doubled in the past decade.

Read more at Brisbanetimes.com.au

Topics:  big banks, home owners, home ownership, mortgage, superannuation



Local Real Estate

Featured Real Estate
FULLY SELF CONTAINED... $9500.00 From
Cabin $12.5K for 6 x 2.4 x 2.5m fully installed. D.I.Y $9.5k bare ...
LOVELY TWO-STOREY FAMILY... $365,000
House 4 1 1
Look - $175,000 in... $175,000
House 2 1 1
Ballandean Landmark... Tender
Residential Land 0 0

Featured Jobs

Warwick jobs listed daily

Featured Jobs
Information &... Toowoomba Full Time


Local Partners

LATEST DEALS AND OFFERS

Local Jobs

Search for your next job now!
Learn More

Cars For Sale

Find cars for sale online now.
Learn More

Subscription Sale

Subscribe now for $1 for 14 days.
Learn More

Local Profile

Stay Connected

Get the news as it happens, in your inbox

You can change the newsletters you are subscribed to when you edit your profile

Edit Profile


Special Offers

Latest deals and offers

View today's ePaper!

Read the digital edition
Learn More

Horoscopes

Leo

You don't have to spend too much on a gift, but this may take a little more time in finding something appropriate for the one you love.

read more

Marketplace

Special Offers & Promotions

Compare & Save